While there are numerous people that will give you a market value on a selected piece of property, there are only two values that really matter in a real estate transaction: the value the seller places on the house, and the value you place on the house. If you are unwilling or unable to raise your bid amount, then you need to go find another house. I will tell you that I have been looking for nine months and after having six failed offers we have finally connected on our seventh.
Even though this process has been so frustrating that we almost signed the next yearâ€™s lease on our apartment. I made the decision to look one more time and by accident listed a house on our search list that was totally unacceptable to us as it was heated by fuel oil with an Underground Storage Tank (UST). What I found was a house that met or exceeded what we wanted down to the fire place in the living room which was what we called a â€œpipe dreamâ€ nine months ago.
Out of the 50 or 60 houses my partner and I viewed over the nine months, this is one of two houses where he walked out and said he like it. I donâ€™t care what any appraiser says, that alone was probably worth 50 thousand in value right then and there. So I had my realtor research the comps, etc. We put place an offer that was appropriate for what where we wanted the sellers to match. Their counter offer was a few thousand more, and we accepted with a keen eye to the fact that at this point, the negotiations were just beginning. Remember, there will be things that you will want the current sellers to fix prior to your closing.